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Amazon and Intel drive US markets lower Amazon and Intel drive US markets lower
(about 2 hours later)
Wall Street shares plunged on Monday in a widespread sell-off led by technology companies. Wall Street shares plunged to their lowest level in weeks on Monday in a wide sell-off led by technology firms.
Intel shares plummeted by more than 7% after a report that Apple plans to stop using Intel chips for computers. Intel was among the biggest losers, after a report that Apple plans to stop using Intel chips for its computers.
E-commerce giant Amazon slid by more than 5%, after new attacks from US President Donald Trump. E-commerce giant Amazon also slid by more than 5%, after new attacks from US President Donald Trump.
The falls come amid increased debate in the US about competition and privacy rules, as well as tensions over trade. The falls extended recent declines triggered by increased debate in the US about competition and privacy rules, as well as tensions over trade.
The technology-heavy Nasdaq index lost more than 200 points, or almost 3%, by early afternoon. The technology-heavy Nasdaq index lost 193 points, or 2.74%, to close at 6,870.1
The S&P 500 was down about 74 points or 2.8%, while the Dow fell more than 600 points or 2.6%. The S&P 500 fell 59 points or 2.2% to 2,581.9, while the Dow fell 458.9 points or 1.9% to 23,644.19.
Technology companies accounted for some of the steepest declines, but the falls touched every sector of the S&P 500 on a day with relatively light trading. European markets were closed. Technology companies saw some of the steepest declines on Monday, but the falls touched every sector of the S&P 500.
Analysts said the sell-off reflected uncertainties affecting many aspects of the economy, including a rise in borrowing costs; debate about data regulations; and trade. The S&P and the Nasdaq indexes ended the day having given up most of the gains made since a steep sell-off in February, while the Dow closed at its lowest level since November.
The US has imposed tariffs on steel and aluminium, prompting China this week to slap tariffs of up to 25% on certain goods worth $3bn from the US, including pork, fruit, nuts and wine. Tariffs
Officials have also called for investigations of how companies handle consumer data, raising the possibility of stricter rules. Analysts said the declines in recent weeks have been triggered by uncertainties over many aspects of the economy, including borrowing costs, trade tensions, debate about data regulations, and driverless car technology.
Fears of increased regulation are driving the decline in technology stocks, said Sucharita Kodali, a retail analyst for Forrester Research who tracks Amazon and other firms. On Monday, China imposed new taxes of up to 25% on 128 US imports worth $3bn, including pork, fruit, nuts and wine, in retaliation for steel and aluminium tariffs the US announced last month.
US technology companies with large operations in China could be exposed to retaliation if the dispute escalates.
But for firms like Facebook, which ended 2.75% lower and is blocked in China, fears of increased regulation are triggering many of the declines, said Sucharita Kodali, a retail analyst for Forrester Research who tracks Amazon and other companies.
"The lack of regulation [in the US] has been fundamental to the success of these large tech companies ... Their business is dependent on that," she said. "That's the fear.""The lack of regulation [in the US] has been fundamental to the success of these large tech companies ... Their business is dependent on that," she said. "That's the fear."
However, she said she thinks some of the panic is overblown, since any changes will take time to be implemented. Ms Kodali said she thinks some of the panic is overblown, since any changes will take time to be implemented.
"It's just so speculative," she said."It's just so speculative," she said.
Monday's declines come amid weeks of choppy market trading, which have unsettled investors after the calm upward glide last year. Apple's chips
Investors had specific reasons to dump certain stocks on Monday. Monday's declines come amid weeks of choppy market trading, which have unsettled investors after last year's the steady upward climb.
Bloomberg reported that Apple is developing its own chips to use in its computers, with the transition planned as soon as 2020, triggering the plunge in Intel shares. The volatility has sparked selling as people cash in on last year's gains and look for new, safe investments.
In some cases, investors had specific reasons to dump stocks on Monday.
Bloomberg reported that Apple is developing its own chips to use in its computers, with the transition planned as soon as 2020. The report sent Intel shares down more than 6%.
Tesla shares also fell by more than 5%, after the firm was rebuked by US safety regulators for sharing information about a recent crash. Investors are also worried about the company's finances, as it spends heavily to ramp up car production.Tesla shares also fell by more than 5%, after the firm was rebuked by US safety regulators for sharing information about a recent crash. Investors are also worried about the company's finances, as it spends heavily to ramp up car production.
Amazon reported the steepest decline on the S&P 500, falling 5.2% after Mr Trump tweeted another attack on the firm.